Canada Stablecorp issues CAD-pegged stablecoin "QCAD"

Canada Stablecorp has announced that it has launched the first mass-market stablecoin pegged to the Canadian dollar, called “QCAD.”

“Starting today, users can purchase QCAD directly through ecosystem partners DVeX, Netcoins, Bitvo, Newton, and Coinsmart. Trading pairs are offered against Bitcoin, Ether and USDC. QCAD is fully supported by cryptocurrency custodians Balance and Bitgo, and payment & settlement integration is available through Bidali and Gilded Finance,” the announcement read.

Canada Stablecorp is a joint venture between 3iQ, a crypto asset manager, and blockchain company Mavennet.

As per the details, QCAD is built on the Ethereum blockchain using the ERC-20 standard and enables seamless settlement and full traceability with the stability of the Canadian dollar.

“We are excited to be creating an important piece of financial market infrastructure for Canada that will serve the digitization of capital markets and provide a robust payment and settlement solution. QCAD represents a significant opportunity to set a new standard of transparency and auditability in digital currencies and will help drive trust and adoption of stablecoins,” said Jean Desgagne, CEO of Canada Stablecorp.

For 3iQ, this launch comes on the heels of a recent approval from the Ontario Securities Commission for its Bitcoin Fund.

Mavennet, on the other hand, has secured a procurement contract from the government of Canada to develop an on-chain steel-tracking platform.

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